I often hear, “I already have a Will, I don’t need to do that again.” What most clients don’t consider is how life circumstances may change their estate plan, or how changes in law could impact the documents that have already been executed. Even for clients who have done proper planning earlier in life, like any good home, it requires review and maintenance. Maybe you created trusts for your children when they were minors, but now they have families of their own and are financial stable and a trust would be overly burdensome on them. Or perhaps a young child grew up to be more free spirited than you expected and the original ages of distribution may not be the best plan for them now.
Perhaps the most often overlooked aspect of estate planning is keeping up with how new assets are titled. When a family creates a trust, they may fully fund it; but over time homes are sold, bank accounts are opened and closed, new investments are begun. Clients frequently open these new accounts in their name with the intention of putting them in the trust “later.” Unfortunately, later is often too late and then these assets must go through probate.
Lastly, aside from upkeep of your estate plan, having an overarching financial plan is important too. The most often overlooked and important protective measures are long-term care insurance and umbrella policies. Our firm works closely with trusted financial advisors and insurance agents to help make sure your whole financial and estate plan is well cared for.
Long Term Care Insurance can seem expensive and potentially unnecessary, but with todays policies, you can combine life and long- term care so that your family will receive any money that is not used for care during your lifetime. Assisted Living Facilities and Nursing Homes can drain an estate faster than any other expense.
Our firm works with families and assets of all sizes to develop plans that grow with you through life. We review your situation with you and make recommendations based on your needs. Contact Grissom Law, LLC today at 678-781-9230 to schedule an appointment to discuss your needs.
Disclaimer
This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.